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MA real estate salesperson exam > psi vocab > Flashcards

psi vocab Flashcards

1
Q

license

A

revokable permission to use another’s land

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2
Q

trade fixtures

A

a commercial tenants removable fixtures

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3
Q

tenancy in common

A

no right of survivorship where the heirs inherit the deceased person’s percentage of ownership

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4
Q

novation

A

new contractual substitution of obligations from one party to another

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5
Q

lis pendens

A

Latin for litigation pending

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6
Q

joint tenancy

A

ownership with the right of survivorship

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7
Q

appurtenace

A

anything that attaches to and runs with the land

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8
Q

valuable consideration

A

money or commodity used in a contract

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9
Q

prescriptive easement

A

an easement created by open, notorious, hostile, and continuous usage

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10
Q

servient tenement

A

easement is placed on this tenement

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11
Q

escheat

A

no heirs, therefore the government becomes owner of the real property

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12
Q

township

A

36 sections with each section having 360 acres

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13
Q

dominant tenement

A

tenement easement user

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14
Q

remainderman

A

the person to whom a life estate goes upon the death of the life tenant

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15
Q

specific lean

A

a special assessment

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16
Q

meridians

A

parallel vertical lines (N&S) six miles apart used in a government survey legal description

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17
Q

judgements

A

general liens

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18
Q

specific liens

A

mortgage liens, real estate taxes, and mechanics liens

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19
Q

easement by necessity

A

is acquired when property is land locked

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20
Q

mechanics lien

A

a specific lien and an encumbrance

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21
Q

tenants in common

A

shares can be unequal

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22
Q

metes and bounds

A

an acceptable method of legal description. A land description that begins at a specific point and proceeds around the boundaries of a parcel by reference to linear measurements and directions

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23
Q

government survey system

A

base lines run east and west

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24
Q

principal meridians

A

run north and south

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25
Q

a township contains how many sections

A

36

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26
Q

tenancy at will

A

a type of lease

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27
Q

a square mile is how many acres

A

640 one acre =43,560 square ft

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28
Q

defeasible fee estate

A

can be terminated upon violation of condition in deed

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29
Q

non-conforming use

A

a property not conforming with present zoning

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30
Q

condemnation

A

method by which government takes and pays for private property

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31
Q

variance

A

permission obtained from appropriate local government source to build or use in EXCEPTION to the zoning laws

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32
Q

friable

A

name for disintegrating asbestos

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33
Q

CERCLA

A

the Superfund

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34
Q

substitution

A

the principal of value that underlies all 3 approaches to value, which appraisers use to determine maximum value by comparing equal desirable substitutes

35
Q

scarcity

A

essential to creating value

36
Q

capitalization

A

the process when net income is divided by an investors desired % of return

37
Q

amenities

A

value is enhanced by a homes proximity to beautiful views, water etc

38
Q

CMA

A

reporting tool to help real estate professionals determine a price range for a property

39
Q

progression

A

phenomenon that happens when buying the least expensive home in the most expensive neighborhood

40
Q

arms length or most

A

sales not influenced by unusual circumstances used to determine the market value of the property

41
Q

contribution

A

principle used to determine if improvements add or subtract from the value of the property

42
Q

GRM

A

sold price divided by monthly rentsΩ

43
Q

mortgagor

A

borrower

44
Q

mortgagee

A

lender

45
Q

term or straight loan

A

allows for payment of interest only with a lump-sum balloon payment of principal at a stop date

46
Q

usury

A

charging a rate of interest in excess of the maximum rate allowed by law

47
Q

trigger terms relate to

A

truth in lending

48
Q

va loan

A

is not insured

49
Q

amortized

A

fixed P&I payment where the principal increases with each payment

50
Q

FHA

A

government insured loan

51
Q

primary mortgage market

A

market in which loans are originated by lenders

52
Q

equity

A

value of owners interest in their property

53
Q

usury

A

charging interest on a loan that is above the maximum rate allowed by law

54
Q

hypothecation

A

pledging something as collateral without giving up possession of it

55
Q

GNMA

A

purchases government insured and guaranteed loans on the secondary market

56
Q

regulation Z

A

regulation that requires disclosure for the cost of credit

57
Q

underwater mortgage

A

negative equity mortgage

58
Q

secondary mortgage market

A

market in which loans are bought and sold after having been originated

59
Q

nonconforming loan

A

jumbo loan

60
Q

discount point

A

computed as a percent of the loan

61
Q

VA

A

government guaranteed loan

62
Q

tenancy at will & estate for years

A

types of leases

63
Q

severalty

A

the ownership of real property by 1 person only! also called sole ownership

64
Q

CMA

A

competitive market analysis

65
Q

substitution

A

the value of a property tends to be set by the cost of purchasing equally desirable and similar property

66
Q

GRM

A

gross rent multiplier

67
Q

reconciliation

A

weighing all 3 appraisal approaches to determine an indicated value

68
Q

FHA

A

federal housing administration & government insured loan

69
Q

FHA

A

federal housing administration &government insured loan

70
Q

purchase agreement

A

prior to acceptance, are considered offers

71
Q

legal title

A

received at delivery of deed

72
Q

unilateral contract

A

one party makes commitments without receiving any promise of performance from another. An option is one type

73
Q

unilateral contract

A

one party makes commitments without receiving any promise of performance from another

74
Q

specific performance

A

a court order requiring a promise made to be carried out

75
Q

executory contract

A

something remains to be done by one of the parties

76
Q

earnest money

A

if specified in the contract, this can be used as liquidated damages

77
Q

consideration

A

a legal requirement to create a valid contract that can be good and signed by an offeror or valuable

78
Q

RESPA

A

Real Estate Settlement Procedures Act requiring disclosure of closing costs in sale of 1-4 family residences

79
Q

EHO

A

Equal Housing Opportunity

80
Q

Package mortgage

A

includes personal and real property

81
Q

reserve requirements for banks are controlled by

A

FED

82
Q

executory contract

A

a contract yet to be performed

83
Q

riparian rights

A

streams

84
Q

littoral rights

A

ocean, lake, river

MA real estate salesperson exam (7 decks)

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